CCG News & Events

Cheche Group (CCG), Volkswagen Digital Sales and Services Co., or DSSO, Beijing Cardif Airstar Insurance signed a strategic cooperation agreement to collaborate to develop digital insurance services for Volkswagen owners and expand into areas such as intelligent pricing, intelligent-driving insurance, and non-auto insurance. The partnership aims to establish a digital financial and insurance service system covering the full lifecycle of electric vehicle ownership. DSSO is a wholly owned subsidiary of Volkswagen China Investment and an enterprise within Volkswagen Group's (VWAGY) Intelligent Electric Vehicle Center in Hefei. Cardif Airstar Insurance is a Sino-foreign joint venture property and casualty insurer, with BNP Paribas Cardif, Volkswagen Financial Services Overseas AG and Xiaomi Corporation as its shareholders. Cheche provides insurance services and digital platforms for DSSO. Volkswagen owners will access services through a unified digital entry point within the automaker's app across electric vehicle purchase, usage, insurance, and financial service scenarios. Cardif Airstar Insurance will provide insurance product design and underwriting services, while Cheche will deliver one-stop digital solutions through its embedded insurance SaaS system.

Cheche Group announced that it received a notification letter, dated January 12, from the Listing Qualifications Department of The Nasdaq Stock Market, indicating that the Company is no longer in compliance with the minimum bid price requirement set forth in Rule 5550 of the Nasdaq Listing Rules as the Company's closing bid price per Class A ordinary share, par value $0.00001 per share, has been below $1.00 for a period of 30 consecutive business days. The Notification Letter does not result in the immediate delisting of the Company's securities. The Company would like to clarify that the Notification Letter has no current effect on the listing or trading of the Company's securities on Nasdaq. Pursuant to Rule 5810 of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until July 13, to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per Class A ordinary share is at least US$1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

Cheche Group has entered into a partnership with FAW Bestune Automobile and Jilin Dingjia Automotive, which are under China FAW Group. China FAW Group is among China's top ten state-owned auto manufacturers. Through this collaboration, Cheche's insurance solutions are now integrated with the official 12123 traffic management platform, enabling car owners to purchase new car insurance and apply for temporary license plates online. The 12123 platform serves as China's official government portal for certain tasks, which include applying for and using digital driver's licenses and vehicle registration licenses, paying traffic violation fines, scheduling vehicle inspections, and inquiring about traffic information. In addition, Cheche's embedded services for FAW Bestune are now connected to the 12123 platform. The service is currently operating in pilot cities, with nationwide expansion planned as soon as infrastructure and regulatory conditions are fully aligned.

Cheche Group announced it has received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market dated September 18, informing the company that it has regained compliance with the Nasdaq Listing Rule 5550(a)(2).